Site Preparations Ongoing??? AND Where's Bobcat?

[Kaliboo]

With all the cash IOC has had since the Total check arrived, the new loan facility, and now the sale of the downstream business,  I'm thinkng if I were MH, I might be doing all the site preparation for some or all of the other wells that I could be doing so that all that is lacking is rig equipment to spud the wells.  I'd be doing anything that could be done in advance with the current exploration/appraisal program in order to expedite delivery of the next 5 wells.  After all there are plans for 8 wells and we are only on the first 3 and running late, well over the P50 days on all the current 3 Bobcat, Wahoo and Raptor.

And as I mentioned previously MH has been saying since December "in the next 18 months" we'll be drilling these 8 wells.  It's now 6+ months later but he keeps saying "the next 18 months" everytime he says anything for the same 8 wells.  So a real question which we won't get answered until it actually happens, is what is a realistic schedule now?  The "next 18 months" is looking less credible now when he keeps repeating the same time frame.

If there was any progress to report on getting these other 5 sites ready to drill, surely he would have said SOMETHING in the last CC and annual meeting since that is very positive news for the stock.  Be he hasn't said a peep.  There's no reason to NOT report that type of progress since we all know there will be 8 wells.  There were public releases for all of that site preparation progress on the first 3 wells.  So why not these next 5 wells?  So I'm thinking they must NOT have done a thing physically to start the next sites, i.e., moving all the earth, cutting down all the bush, preparing foundations, etc.

Does anyone know why they haven't done a thing?  Money certainly isn't the issue.  We seem to be able to handle preparing 3 sites at once for the first 3 wells.

Are there any regulatory/political reasons for the delay?

Also here's another realization.  Take note that Bobcat got squeezed off the company home page.  It's not there anymore.  The other two wells, Wahoo and Raptor are still there.  What could that mean?  Hopefully nothing.  It was the first well spudded on March 5.  FIFO?  Very strange.  Is Bobcat history?  The press release is still there, but it's no longer a featured highlight on the home page.  It's very odd to leave the two wells and delete the third.  Not a good sign in my opinion.

I thought the SHU pot needed a little stirring while we wait.

Kaliboo

[jft310]

It was never ever stated just 12 months for drilling results. Real simple go check. Implying something is up with Bobcat is quite a push most would have to say.

[Palm]

Getting a little extreme on Bobcat Kaliboo. As IOC has new info that they put on the home page older items fall off. Bobcat was the first exploration well drilled and so it slid off the front page first. May want to check under Press Releases. It's still there. There's enough "stirring" on SHU without throwing that out there.

[ArtM72]

Kaliboo -

I don't read anything into perceived failures to communicate by MH anymore. If there was any doubt about his communication style that doubt has been removed by his failure to give any hint of the sale of the downstream businesses during either the CC or the AGM. Anything could be going on now. We have no way of knowing.

In a related topic, just how is it that everyone on Hession's team is from Woodside? How can Hession be so successful convincing former co-workers to join him in mining the riches to be found in IOC's licenses, yet so unsuccessful in convincing the market of IOC's value? Can't get my head around that one easily without some sort of conspiracy thinking. My Trojan Horse metaphor remains viable. Imagine the riches for those who would be successful in taking this company private.

Of course, the simple answer could be analysts aren't interested in buying things they don't have a feel for, like well reports, geology and engineering/construction. Neither are most retail investors, especially those influenced by web organizations like the Street, the Fool and SA.

These days you have to have faith Hession is doing the right thing for IOC's shareholders. It is all being done behind an opaque screen. Everything we know about IOC and its properties was learned before Hession. Get used to the need for faith or give up on the company. You certainly wouldn't be alone if you chose the latter.

[Kaliboo]

[quote='ArtM72' pid='46478' dateline='1404792068'] Kaliboo - I don't read anything into perceived failures to communicate by MH anymore. If there was any doubt about his communication style that doubt has been removed by his failure to give any hint of the sale of the downstream businesses during either the CC or the AGM. Anything could be going on now. We have no way of knowing. In a related topic, just how is it that everyone on Hession's team is from Woodside? How can Hession be so successful convincing former co-workers to join him in mining the riches to be found in IOC's licenses, yet so unsuccessful in convincing the market of IOC's value? Can't get my head around that one easily without some sort of conspiracy thinking. My Trojan Horse metaphor remains viable. Imagine the riches for those who would be successful in taking this company private. Of course, the simple answer could be analysts aren't interested in buying things they don't have a feel for, like well reports, geology and engineering/construction. Neither are most retail investors, especially those influenced by web organizations like the Street, the Fool and SA. These days you have to have faith Hession is doing the right thing for IOC's shareholders. It is all being done behind an opaque screen. Everything we know about IOC and its properties was learned before Hession. Get used to the need for faith or give up on the company. You certainly wouldn't be alone if you chose the latter. [/quote

Excellent points. Thanks.